# Wingtech Technology (600745.SHG)

Canonical: https://gigainvestors.com/s/600745.SHG

Analysis as of: 2026-10-16T07:39:36.558Z. Financial observations: FY1996–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 13.89 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 2

- Operating margin variation: 0.86×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.01×

- FY2017: 0.02×

- FY2018: 0.00×

- FY2019: 0.04×

- FY2020: 0.05×

- FY2021: 0.06×

- FY2022: 0.04×

- FY2023: 0.03×

- FY2024: -0.03×

- FY2025: 0.06×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.6%

- ROIC, second-lowest year: 2.8%

- Typical minus recent gross margin: -3.5 pp

- Typical gross margin (annual median): 12.3%

- Recent gross margin (lower of latest and 3-year median): 15.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.2%

- ROIC including acquisitions, ten-year median: -0.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.6%

- FY2017: 14.4%

- FY2018: 2.8%

- FY2019: 27.1%

- FY2020: 45.9%

- FY2021: 17.5%

- FY2022: 5.8%

- FY2023: 5.0%

- FY2024: -6.8%

- FY2025: 5.4%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY -16B

- Net income, five-year total: CNY -6.3B

- Return on incremental invested capital: 14.0%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -3.4 pp

- Working capital / revenue, final three-year average: 6.2%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: CNY -934M

- FY2022: CNY -2.5B

- FY2023: CNY -633M

- FY2024: CNY -2.9B

- FY2025: CNY -9.3B

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.6% vs 5.0%

- Per-share earnings: 0.06 to -2.28 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 9.1%

- Ordinary dilution, 5-year annual growth: 1.0%

- Market cap gain: CNY 29B

- Cumulative retained earnings: CNY -3.3B

- Diluted shares, 10-year annual growth: 9.1%

- Diluted shares, 5-year annual growth: 1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: CNY -2.34

- Per-share value, starting three-year median: CNY 0.06

- Per-share value, ending three-year median: CNY -2.28

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.4%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 27B

- Cumulative net income, 10 years: CNY -2.2B

- ROIC, first three-year median: 3.6%

- ROIC, last three-year median: 5.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.06

- FY2017: CNY 0.52

- FY2018: CNY 0.08

- FY2019: CNY 1.95

- FY2020: CNY 2.04

- FY2021: CNY 2.11

- FY2022: CNY 1.17

- FY2023: CNY 0.95

- FY2024: CNY -2.28

- FY2025: CNY -7.03

### accounting: pass

- Sloan accruals: -34.9%

- Receivables to sales index (DSRI): 0.37×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.15×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.9%

- FY2017: -9.8%

- FY2018: -19.0%

- FY2019: -5.2%

- FY2020: -7.0%

- FY2021: 1.2%

- FY2022: -0.3%

- FY2023: -6.0%

- FY2024: -9.8%

- FY2025: -34.9%

## Holders

## Price story

Down 89% since Dec 2021 · "Nexperia parent Wingtech warns of 'cash flow risk' despite 280% surge in quarterly profit" (finance.yahoo.com, Oct 2025) · sales -57.5%

Story as of 2026-10-16T10:00:10.899Z; price observation 2026-10-15.

- 2025-10-25: Nexperia parent Wingtech warns of 'cash flow risk' despite 280% surge in quarterly profit ([finance.yahoo.com](https://finance.yahoo.com/news/nexperia-parent-wingtech-warns-cash-093000510.html))

### Sales · FY2024–2025

sales -57.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 13B 

- FY2017: CNY 17B 

- FY2018: CNY 17B 

- FY2019: CNY 42B 

- FY2020: CNY 52B 

- FY2021: CNY 53B 

- FY2022: CNY 58B 

- FY2023: CNY 61B 

- FY2024: CNY 74B 

- FY2025: CNY 31B 

### Gross margin · FY2025

gross margin 18.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 7.8% 

- FY2017: 8.7% 

- FY2018: 8.5% 

- FY2019: 10.1% 

- FY2020: 14.4% 

- FY2021: 16.0% 

- FY2022: 17.6% 

- FY2023: 15.8% 

- FY2024: 9.4% 

- FY2025: 18.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in communication equipment; annual sales are CNY 31.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.558Z); FY2025: revenue 31252528402.65; grossProfit 5686290694.89; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600745.SHG: Wingtech Technology Co.,Ltd operates as integrated device manufacturer for consumption, industry, and automobiles fields in China and internationally. The company offers diodes, bipolar transistors, ESD protection devices, MOSFET devices, gallium nitride power transistors, silicon carbide diodes, insulated gate bipolar transistors, and analog and logic IC. It also operates research and development centers, wafer fabs, and packaging and testing plants. The company was formerly known as Join-In (Holding) Co.,Ltd. Wingtech Technology Co.,Ltd was founded in 1993 and is based in Shenzhen, China.

### Why customers stay

Margins ranged from 9.4% to 18.2% during 2023–25; it earns 5.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.558Z); FY2023: grossProfit / revenue = 15.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.558Z); FY2024: grossProfit / revenue = 9.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.558Z); FY2025: grossProfit / revenue = 18.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.558Z); 10-year return on capital observations [[2016,0.035870936774832225],[2017,0.14372446640852884],[2018,0.027500451238456004],[2019,0.27091035314865025],[2020,0.458974151009017],[2021,0.17471579117652156],[2022,0.058111137195173565],[2023,0.04959090162064945],[2024,-0.06842193316284709],[2025,0.05407474100396979]]; median 0.05609293909957168. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 18% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.558Z); Gross margin observations: [[2021,0.15961639450279877],[2022,0.17606921904482087],[2023,0.15781156624412596]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.558Z); FY2016: growth capex 99851579.92000002; upkeep 185694682; owner earnings 47981525. Growth capex / owner earnings = 2.081042232817736.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.558Z); FY2017: growth capex 0; upkeep 189537765.55; owner earnings 369373399.45. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.558Z); FY2018: growth capex 0; upkeep 179619348.8; owner earnings 163957514.2. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.558Z); FY2019: growth capex 397565714.02; upkeep 567797513; owner earnings 1253563983. Growth capex / owner earnings = 0.3171483222328668.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.558Z); FY2020: growth capex 741439873.5700002; upkeep 1480760000; owner earnings 2415324000. Growth capex / owner earnings = 0.30697325641197626.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.558Z); Dividend observations: [[2016,68275525.88],[2017,40720170],[2018,180469778.33],[2019,403182211.54],[2020,168605056],[2021,205438045],[2022,447656890.41],[2023,302088586.37],[2024,374019792],[2025,169187975.98]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 17.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600745.SHG SharesStats.PercentInsiders = 17.365 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.6 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:36.558Z); Closing price 13.89 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 25.11626887332091; price multiple 0.5530280022903515. FY2025 cash earnings/share -7.482294603207819. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 21.51 per share

- 2016-11: CNY 22.72 per share

- 2016-12: CNY 21.40 per share

- 2017-01: CNY 18.71 per share

- 2017-02: CNY 20.30 per share

- 2017-03: CNY 20.79 per share

- 2017-04: CNY 21.21 per share

- 2017-05: CNY 19.10 per share

- 2017-06: CNY 18.71 per share

- 2017-07: CNY 23.09 per share

- 2017-08: CNY 22.72 per share

- 2017-09: CNY 27.06 per share

- 2017-10: CNY 31.00 per share

- 2017-11: CNY 34.85 per share

- 2017-12: CNY 33.73 per share

- 2018-01: CNY 24.51 per share

- 2018-02: CNY 27.39 per share

- 2018-03: CNY 28.20 per share

- 2018-04: CNY 30.50 per share

- 2018-05: CNY 30.50 per share

- 2018-06: CNY 30.50 per share

- 2018-07: CNY 30.50 per share

- 2018-08: CNY 30.50 per share

- 2018-09: CNY 30.50 per share

- 2018-10: CNY 30.50 per share

- 2018-11: CNY 30.50 per share

- 2018-12: CNY 21.13 per share

- 2019-01: CNY 20.54 per share

- 2019-02: CNY 28.99 per share

- 2019-03: CNY 30.07 per share

- 2019-04: CNY 36.60 per share

- 2019-05: CNY 35.95 per share

- 2019-06: CNY 33.22 per share

- 2019-07: CNY 40.16 per share

- 2019-08: CNY 45.71 per share

- 2019-09: CNY 70.69 per share

- 2019-10: CNY 75.20 per share

- 2019-11: CNY 96.90 per share

- 2019-12: CNY 92.50 per share

- 2020-01: CNY 125.00 per share

- 2020-02: CNY 139.37 per share

- 2020-03: CNY 101.50 per share

- 2020-04: CNY 106.71 per share

- 2020-05: CNY 97.78 per share

- 2020-06: CNY 125.95 per share

- 2020-07: CNY 152.05 per share

- 2020-08: CNY 138.06 per share

- 2020-09: CNY 116.86 per share

- 2020-10: CNY 100.60 per share

- 2020-11: CNY 105.40 per share

- 2020-12: CNY 99.00 per share

- 2021-01: CNY 105.38 per share

- 2021-02: CNY 100.82 per share

- 2021-03: CNY 98.00 per share

- 2021-04: CNY 85.30 per share

- 2021-05: CNY 87.55 per share

- 2021-06: CNY 96.90 per share

- 2021-07: CNY 109.32 per share

- 2021-08: CNY 119.35 per share

- 2021-09: CNY 93.66 per share

- 2021-10: CNY 109.76 per share

- 2021-11: CNY 122.70 per share

- 2021-12: CNY 129.30 per share

- 2022-01: CNY 107.00 per share

- 2022-02: CNY 116.70 per share

- 2022-03: CNY 81.30 per share

- 2022-04: CNY 65.78 per share

- 2022-05: CNY 63.64 per share

- 2022-06: CNY 85.11 per share

- 2022-07: CNY 68.60 per share

- 2022-08: CNY 64.60 per share

- 2022-09: CNY 47.67 per share

- 2022-10: CNY 47.88 per share

- 2022-11: CNY 55.08 per share

- 2022-12: CNY 52.58 per share

- 2023-01: CNY 58.42 per share

- 2023-02: CNY 53.87 per share

- 2023-03: CNY 55.25 per share

- 2023-04: CNY 52.57 per share

- 2023-05: CNY 49.90 per share

- 2023-06: CNY 48.90 per share

- 2023-07: CNY 46.48 per share

- 2023-08: CNY 46.18 per share

- 2023-09: CNY 43.65 per share

- 2023-10: CNY 49.77 per share

- 2023-11: CNY 48.23 per share

- 2023-12: CNY 42.31 per share

- 2024-01: CNY 33.45 per share

- 2024-02: CNY 38.15 per share

- 2024-03: CNY 36.60 per share

- 2024-04: CNY 31.50 per share

- 2024-05: CNY 30.52 per share

- 2024-06: CNY 28.25 per share

- 2024-07: CNY 29.83 per share

- 2024-08: CNY 26.10 per share

- 2024-09: CNY 32.73 per share

- 2024-10: CNY 43.77 per share

- 2024-11: CNY 40.69 per share

- 2024-12: CNY 38.78 per share

- 2025-01: CNY 33.66 per share

- 2025-02: CNY 34.65 per share

- 2025-03: CNY 32.58 per share

- 2025-04: CNY 34.67 per share

- 2025-05: CNY 33.96 per share

- 2025-06: CNY 33.53 per share

- 2025-07: CNY 36.96 per share

- 2025-08: CNY 43.43 per share

- 2025-09: CNY 46.48 per share

- 2025-10: CNY 45.00 per share

- 2025-11: CNY 40.92 per share

- 2025-12: CNY 37.28 per share

- 2026-01: CNY 39.40 per share

- 2026-02: CNY 33.50 per share

- 2026-03: CNY 31.36 per share

- 2026-04: CNY 28.12 per share

- 2026-05: CNY 20.67 per share

- 2026-06: CNY 16.82 per share

- 2026-07: CNY 16.59 per share

- 2026-08: CNY 19.12 per share

- 2026-09: CNY 16.43 per share

- 2026-10: CNY 14.23 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 1.04 per share, central CNY 1.38 per share, high CNY 1.57 per share

- FY2017: low CNY 2.18 per share, central CNY 2.60 per share, high CNY 2.88 per share

- FY2018: low CNY 2.82 per share, central CNY 2.94 per share, high CNY 3.10 per share

- FY2019: low CNY 21.35 per share, central CNY 24.92 per share, high CNY 26.99 per share

- FY2020: low CNY 18.03 per share, central CNY 19.46 per share, high CNY 21.37 per share

- FY2021: low CNY 22.43 per share, central CNY 27.84 per share, high CNY 30.99 per share

- FY2022: low CNY 12.71 per share, central CNY 15.28 per share, high CNY 16.77 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations